TronWeekly

Crypto World News

You are here: Home / Archives for AVAX

AVAX

BlockDAG’s Dashboard Innovation Propels Presale Beyond $29.3 Million As AVAX Faces Stability Tests And LTC Whales Increase Holdings

by

BlockDAG continues revolutionizing the crypto market with its advanced dashboard enhancements, achieving a staggering $29.3 million in its latest presale phase. As we analyze the potential trajectory to a $30 valuation by 2030, let’s also examine the current price stability of Avalanche (AVAX) and the strategic accumulations by Litecoin (LTC) whales.

Screenshot 2024 05 22 04 30 12 79 a1b1bbe5f63d5b96c1a0f87c197ebfae
BlockDAG’s Dashboard Innovation Propels Presale Beyond $29.3 Million As AVAX Faces Stability Tests And LTC Whales Increase Holdings 3

Avalanche (AVAX) Navigates Price Stability Amid Market Pressures

The Avalanche cryptocurrency is currently hovering around the critical support price of $30. This level is pivotal for future price trajectories, as it reflects a moment of either potential recovery or further declines based on investor sentiment. Recently, trading volumes have increased, but the decreased holding duration indicates a shift towards bearish perspectives among some investors. This nuanced market behavior points to possible volatility and necessitates careful observation for any significant movements.

Litecoin Whales Accumulate Despite Market Volatility

Amid market fluctuations, Litecoin has seen a significant uptick in accumulation by whale accounts, signaling a strong belief in its future recovery. Despite a recent 17% dip in its price, these substantial holders are seemingly undeterred, betting on the cryptocurrency’s fundamental strengths to prevail. This whale activity not only suggests a bullish outlook from major investors but also stabilizes the market against potential downturns, making it a critical factor to monitor for predicting Litecoin’s market movements.

BlockDAG Sets New Standards with Dashboard Upgrades and Aggressive Presale Strategy

BlockDAG’s latest dashboard release has introduced several features that significantly enhance user interaction and transparency. The new tools include a real-time news update panel, a dynamic rank tracking system, and a detailed leaderboard that showcases top investors. Additionally, the dashboard provides a comprehensive view of recent transactions and referral bonuses, improving user engagement and investment tracking.

This innovative approach has not only simplified the investment process but also attracted a substantial number of investors to the platform. With the current presale phase priced at $0.0085 per coin, BlockDAG has successfully raised $29.3 million, selling over 9.3 billion coins. Experts now project that the price of BlockDAG could reach $30 by 2030, reflecting a robust growth trajectory fueled by continual technological advancements and market engagement.

The main technology behind BDAG is a hybrid one, merging Directed Acyclic Graphs (DAG), in order to enhance transaction speed, with Proof-of-Work (PoW), the most effective consensus protocol used in crypto to address matters like scalability, decentralization, or security.

BlockDAG Dominates with Strategic Innovations Amid Crypto Variability

As the crypto landscape evolves, BlockDAG’s innovative dashboard and strong presale results highlight its potential as a leading investment opportunity. While AVAX grapples with finding stability and LTC whales hint at a market upturn, BlockDAG’s user-centric enhancements and clear growth path provide a compelling case for investors. The company’s strategic foresight and effective engagement strategies are setting new standards in the crypto industry, promising significant returns and solidifying its status as a top crypto investment for the future.

Screenshot 2024 05 22 04 29 38 61 a1b1bbe5f63d5b96c1a0f87c197ebfae
BlockDAG’s Dashboard Innovation Propels Presale Beyond $29.3 Million As AVAX Faces Stability Tests And LTC Whales Increase Holdings 4

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Avalanche Awaits Breakout: Analyst Predicts Massive Rally

by

A well-known cryptocurrency analyst World of Chart has outlined possible movements for Avalanche (AVAX). Positive scenario for AVAX is predicted by the analyst, with the technical pattern called the “falling wedge” which may introduce a breakout, being an important sign.

A5 TsGyT3615h6HmSKx4Jqr6NDZdPIinDF7eLlirqH73Yt1LDSD3 FNlp6bdrToSGRXnlVxm146M4XaRzaHcaVaFKWUNcvZbZU PK17RuEmeO

World and Chart states that Avalanche has been following this falling wedge pattern, which happens to be a part and parcel of the candlestick chart analysis tool which signifies a big price move after the asset breaks out of the pattern to the upside. A falling wedge is identified by the diminishing price range between two converging trendlines, both sloping downwards. The pattern is typically interpreted by analysts as a bullish signal which indicates that an uptrend may occur following a period of decline.

5QZSivQsj77GG0lIAEjTs yyFHTMQlE98U8MJqXUVBsIAXepmU9E1fCg 2TW5Yss9EyQGGZA22CJRi2CQnUzrIcfHonnFAdzkm4deptvGQn8u7KSDoBbIi9NKU 8jp9H5Ed2Vc9Lg8rEPhQnvZTNaaw

Source: Chart by World of Charts

Avalanche Eyes Substantial Rally

The analyst points out that if Avalanche manages to break the upper trendline of the wedge, then there is the potential of a substantial upside continuation. The breakout would confirm the bullish pattern and could result in a powerful rally in the days after the breakout. The event has been fueling discussions among investors and traders who watch chart patterns and market signals.

Avalanche (AVAX) trading value reached $36.98, which is an increase by 2.73% over the previous day, and by 6.61% over the last week. On the other hand, this notable rise is also supported by an impressive 24-hour trading volume of $445,739,061, indicating a huge increase in market activities and investor interest in AVAX.

Source: TradingView

As such, investors are recommended to keep a close eye on Avalanche’s price action, as the pattern could lead to a new growth phase for the cryptocurrency. On the other hand, the analyst warns that bullish breakout potential could be high, but market situation as well as external factors could have an impact on the real outcome.

There is a buzz in the crypto community on platform X and other social media channels; as many are following the thoughts of World of Chart. The best approach is anything but to wait for miracle, but to treat any such forecast with moderate expectation fulfilling still that value of cryptocurrency market is completely unpredictable. In the coming days, we will have the answer if Avalanche would rally as predicted by World of Chart and possibly bring significant profits to the holders.

Altcoin Acceleration: Predicting 2x to 4x Surge Post-Bitcoin Stability

by

The recent explosive gain in the value of Bitcoin has set the stage for what observant insiders believe will be an unprecedented growth phase for alternative digital currencies, also known as altcoins. Lately, since Bitcoin has been giving enormous returns, alternative coins are considered an opportunity by market investors.

However, the complex association between Bitcoin and altcoins has been a subject of interest among many observers, with alternative coins often seen as playing catch-up to Bitcoin’s dominance. However, with an anticipated stabilization of Bitcoin, analysts propose that alternative coins are set to exceed the leading currency by a substantial difference.

Analysts Predict Altcoins’ Potential for 2x to 4x Gains

Well-known crypto-analyst Michaël van de Poppe waded into the situation, noting that Bitcoin remains strong regarding market capitalization, and alternative coins are yet to show their strength fully. “That’s usually what happens when strength is surrounded by Bitcoin alone,” van de Poppe remarked. Alternative coins could be 2x to 4x in value once Bitcoin stabilizes; this indicates a positive note for investors who seek portfolio diversification.

image

Van de Poppe’s optimism particularly extends to Ethereum, one of the top altcoins in the market. ‘Altcoin market cap is slowly gaining upwards,” he noted, pointing out a shift towards alternative coins. He expects Ethereum to be bullish, with price targets ranging from $4,500 to $5,000.

image 3

Additionally, a number of alternative coins are attracting attention and showing impressive gains. Among these, some popular alternative coins like Solana (SOL), Ripple (XRP), Avalanche (AVAX) and Cardano (ADA) have experienced significant price increases over the past week.

Another analyst, Rekt Capital, echoed van de Poppe’s sentiment but with a focus on the ongoing breakout observed in the number of alternative coins. “Altcoins are breaking out left and right today,” said Rekt Capital, echoing the theme that the momentum in the market for alternative cryptocurrencies is yet to peak. The analyst highlighted the first quarter of the year and its early stage moments as he seemed upbeat about the continuation of likely further upside, sharing the opinion that the altcoin market capitalization was trending up.

However, investors are getting used to such dynamism in cryptocurrency, where developments around Bitcoin have already influenced altcoins. More so, with experts already predicting that altcoins are set to rise in value after Bitcoin’s stabilization, opportunities abound for those looking to capitalize on the diverse offerings within the cryptocurrency market.

Related Reading | XRP Price Analysis: Will the Surge Continue This Week? 

Weekly Highlights: Bitcoin & Ethereum Surges, Altcoins Follow

by

The past week saw Bitcoin (BTC) rebounding and reclaiming a pivotal $42,000 level, while Ethereum (ETH) experienced a modest uptick in its price. However, the real stars of the week were several altcoins, with Manta Network (MANTA) leading the pack, followed by Sui (SUI) and Conflux (CFX), showcasing impressive gains in the top 90 cryptocurrencies.

Manta Network (MANTA) stole the spotlight with an astounding 50% surge over the week, reaching a peak of $3.83. Presently, MANTA is trading at $3.66, exhibiting robust performance with a 0.80% increase in the last 24 hours.

MANTA 7D graph coinmarketcap
Manta Network (MANTA) 7-Day Chart | Source: CoinMarketcap

Sui (SUI) also made waves, achieving a 35% gain during the week. Despite a 1.02% decrease in price, SUI is currently trading at $1.40, demonstrating resilience in the market.

SUI 7D graph coinmarketcap
Sui (SUI) 7-Day Chart | Source: CoinMarketcap

Conflux (CFX) garnered significant attention, boasting a weekly increase of over 33%. Trading at $0.242, CFX experienced a 10.81% price increase and an impressive 31.56% surge in trading volume within the last 24 hours.

CFX 7D graph coinmarketcap
Conflux (CFX) 7-Day Chart | Source: CoinMarketcap

Additionally, notable altcoins like Internet Computer (ICP), Solana (SOL), and Avalanche (AVAX) reported gains in their weekly charts, with ICP up by 11%, SOL by 10%, and AVAX showing a 9% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the past week, Bitcoin experienced a decline, retracing to $38.5K before a slight recovery to $42,007 today, according to Santiment. However, this upward movement in Bitcoin contrasts with the lackluster performance of altcoins.

image 108 4
Source: X

The SP500 recently achieved a new All-Time High, leading to speculation that Bitcoin and other major cryptocurrencies might “regress to the mean” and catch up with the bullish trend in equity markets. The cryptocurrency sector has notably lagged behind stock markets since diverging on January 17th.

Crypto analyst CryptoCon emphasized a historical pattern, stating that no Bitcoin cycle mid-top has occurred without revisiting the Monthly Least Square Moving Average. The current value of this moving average is $30,358, and despite its steady increase, Bitcoin’s price has not come close to testing this crucial support.

image 108 5
Source: X

However, long-term data observations, including the 2019 example, suggest caution regarding claims that the market has hit its low. CryptoCon’s estimate anticipates a move to the low $30K region by February or March.

As of now, Bitcoin is priced at $42,007, with a 24-hour trading volume of $20.35 billion and a market cap of $823.85 billion. In the last 24 hours, Bitcoin experienced a 1.19% decrease, while the weekly chart shows a 3% increase.

BTC 7D graph coinmarketcap 3
Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Meanwhile, Ethereum (ETH) has shown signs of recovery, particularly around the $2200 level. Notable long-tail rejection candles on its daily chart suggest a decrease in bearish momentum. This positive shift coincides with Bitcoin stabilizing above $40,000 and a broader uptick in the altcoin markets, sparking a new relief rally.

Over the recent fortnight, Ethereum experienced a significant correction, dropping from $2714 to a low of $2168, marking a 20% decrease. During this pullback, the coin price broke below the channel pattern’s support trendline, which had supported a recovery rally for nearly three months.

As of now, Ethereum is priced at $2,284.43, with a 24-hour trading volume of $7.00 billion and a market cap of $274.55 billion. In the last 24 hours, Ethereum experienced a 0.98% decrease.

image 110 1
Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

However, Ethereum demonstrated resilience around the $2200 mark, reclaiming the breached support trendline and triggering additional buying orders in the market. The reversal marked the prior downfall as a ‘Bear Trap,’ with evidence of considerable short liquidation.

image 110
Source: Tradingview.com

Looking ahead, Ethereum’s ability to maintain its position above the reclaimed support at $2200 is crucial. If successful, it could initiate a 6.85% relief rally, aiming for the $2430 level.

However, a significant obstacle lies at this immediate resistance level, corresponding to the 50% Fibonacci retracement of the recent correction. To continue its upward trajectory and potentially retest the $2700 mark, Ethereum must break above this critical barrier, gaining further momentum in the process.

Related Reading |  RippleX Engineer Proposes Bold Overhaul for XRPL Foundation Governance

Weekly Watch: Bears Takeover Bitcoin & ETH, Altcoins Suffer Significant Losses

by

Bitcoin and Ethereum remained within a narrow trading range below crucial resistance levels. The cryptocurrency market experienced a decline in positive sentiment last week, presenting a challenge for bullish investors grappling with the prevailing bearish momentum.

As a consequence, the overall market outlook was adversely affected. In the weekly chart, several altcoins registered significant declines, while certain low-cap altcoins managed to secure gains amid market fluctuations.

Ronin (RON) is at the top of the list of low-cap altcoins experiencing significant gains this week, followed by Siacoin (SC) and Astar (ASTR) in second and third place, respectively.

Ronin (RON) has emerged as a frontrunner among the top 100 tokens by market capitalization, experiencing a notable surge of 33% over the past week. Presently, RON is valued at $2.37, showcasing a 2.30% uptick in its price within the last 24 hours and a substantial 29.32% rise in trading volume.

chart 3
Ronin (RON) 7-Day Chart | Source: CoinMarketcap

Simultaneously, Siacoin (SC) has garnered significant community attention due to its noteworthy weekly performance, securing the second position in terms of gains. Over the past week, SC has seen an impressive increase of approximately 28.53%. The current trading value for the token is $0.01275, reflecting a modest 1.40% rise in the last 24 hours.

chart 6
 Siacoin (SC) 7-Day Chart | Source: CoinMarketcap

Furthermore, Astar (ASTR) has captured significant interest, exhibiting a noteworthy 27.43% increase in the weekly chart. ASTR is currently trading at $0.1901 showcasing a slight decrease of 0.90% in its price and 4% decrease in its trading volume in the last 24 hours.

chart 7
Astar (ASTR) 7-Day Chart | Source: CoinMarketcap

Moreover, popular coins are experiencing a decline in weekly charts, including AVAX at 12%, DOT at 11%, and MATIC at 10%, with a decrease of 10%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Cryptocurrency markets, including Ethereum and Bitcoin, have experienced a recent downturn as investors reacted to the news about the spot Bitcoin ETF. This phenomenon is typical, where an asset sees a rally leading up to a major event, only to pull back afterward because the event’s impact was already anticipated by the market.

Crypto analyst CryptoCon noted that the mid-cycle top for Bitcoin occurred slightly faster than in previous cycles but slower than in the third cycle. The timing of the mid-top in 2019, although a year earlier than usual, did not alter the overall cycle top, which occurred around November 28th, 2021, plus or minus 21 days.

Despite various theories about accelerated cycles, there is currently no substantial evidence suggesting such acceleration. The possibility of a correction in Bitcoin’s price remains, even with the introduction of ETFs. The analyst emphasizes that this time is not different until proven otherwise.

image 79 1

Looking ahead, the period after November 28th, 2024, is anticipated to bring new all-time highs and explosive growth for the cryptocurrency market. The current year is seen as a foundational phase for these developments.

As of now, the Bitcoin price stands at $41,000, with a 24-hour trading volume of $19.07 billion and a market cap of $803.80 billion. Bitcoin has experienced a percentage decrease in the last 24 hours and a 4% decline in the weekly chart.

BTC 7D graph coinmarketcap 1 1
Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Meanwhile, Ethereum’s price has retreated in recent days amid a decrease in sentiment across the crypto industry. After reaching $2,717 on January 12th, Ethereum has entered a correction phase.

Crypto analyst Ali Martinez points out that Ethereum is currently in a crucial demand zone, ranging between $2,388 and $2,460. Maintaining support in this range could pave the way for upward movement, but a failure to do so might lead to a pullback to the next significant support area around $2,000.

As of the latest data, Ethereum is priced at $2,411.98, with a 24-hour trading volume of $7.17 billion and a market cap of $289.87 billion. Ethereum has experienced a 2.76% decrease in the last 24 hours.

ETH 7D graph coinmarketcap 1
Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Related Reading |  XRP Advocate Slams SEC Over Bitcoin Analogy In Coinbase Lawsuit 

Grayscale Unveils New Crypto Fund Weights, Adds XRP and AVAX

by

In a recent development, Grayscale Investments, a global leader in crypto asset management, announced updated weightings for key funds, including the Grayscale Digital Large Cap Fund (GDLC), Grayscale DeFi Fund, and Grayscale Smart Contract Platform Ex-Ethereum Fund. Notably, GDLC saw the addition of Ripple’s XRP and Avalanche (AVAX) to its portfolio, aligning with the CoinDesk Large Cap Select Index methodology during the fourth quarter of 2023 reviews.

Per a recent report, the adjustments in GDLC’s holdings included the removal of Polygon (MATIC) during the latest rebalancing. As of January 4, 2024, GDLC’s primary fund components showcase Bitcoin (BTC) dominating at 69.15%, followed by Ethereum (ETH) at 21.90%. The fund also diversified into Solana (SOL) at 3.65%, XRP at 2.54%, Cardano (ADA) at 1.62%, and the recently added Avalanche at 1.14%.

Grayscale DEFG Fund Reshapes Portfolio Composition

Similarly, the Grayscale DeFi Fund (DEFG) underwent changes, shedding the Curve DAO Token (CRV) from its portfolio in line with quarterly rebalancing. Presently, DEFG highlights Uniswap (UNI) leading at 41.11%, with Lido (LDO) at 23.90%, MakerDAO (MKR) at 13.39%, Aave (AAVE) at 12.63%, and Synthetix (SNX) at 8.97%.

Conversely, Grayscale’s GSCPxE Fund reported an unchanged portfolio, featuring a significant share in Solana at 44.54% and Cardano (ADA) at 19.77%. Other assets included Avalanche at 13.89%, Polkadot (DOT) at 9.75%, Polygon at 8.25%, and Cosmos (ATOM) at 3.80%.

The filing of a new S-3 form by Grayscale on Tuesday caught attention, signaling an update on their efforts to convert GBTC into a Spot Bitcoin ETF. This followed Chairman Barry Silbert’s recent departure, prompting amendments to comply with the SEC’s cash-only orders.

Furthermore, GBTC submitted a free writing prospectus (FWP) to the SEC on December 29, 2023, coinciding with similar updates from other spot Bitcoin ETF issuers. CEO Michael Sonnenshein affirmed their readiness for an ETF in 2017, partnering with authorized participants like Jane Street and Virtu.

Grayscale’s proactive adjustments in fund allocations and unwavering commitment to regulatory compliance signify its agile approach to adapt within the ever-evolving crypto domain. These strategic moves indicate their readiness to pivot swiftly in response to potential market fluctuations and to align with forthcoming regulatory developments, ensuring a poised stance amidst the shifting landscape of digital assets.

Ethereum’s 2023 Rally Falls Short: Unveiling The Shrinking Ratio With BTC

by

In a year marked by substantial crypto market growth, Ethereum (ETH) has faced headwinds, delivering an 82% return in 2023. While this may seem impressive, it pales in comparison to Bitcoin’s stellar 162% gain. Grayscale’s recent research report, titled “Market Byte: Ether ‘Underperforms’ with 80% Gain in 2023,” sheds light on the factors contributing to Ether’s underwhelming performance.

The ETH/BTC price ratio, a key metric, experienced a downward trend throughout the year, hitting its lowest level since mid-2021. Grayscale Research identifies three primary reasons behind ETH’s underperformance.

Firstly, Bitcoin-specific positives, such as progress on a potential spot Bitcoin ETF and financial instability in US regional banks, drove inflows into Bitcoin-focused crypto investment products. Net inflows into Bitcoin-focused exchange-traded products (ETPs) amounted to a staggering $2 billion, dwarfing the mere $24 million flowing into Ether-focused ETPs.

image 101

Secondly, Ether followed the broader trend of most smart contract platform tokens, which lagged behind Bitcoin’s impressive gains. The FTSE Grayscale Smart Contract Platforms Crypto Sector Index, up about 94% in 2023, reflects ETH’s performance in line with its peers, including notable outperformers like AVAX and SOL.

image 102

Thirdly, Ethereum’s mainnet on-chain activity recovery has been slower than other chains, such as Solana, which witnessed a 15x increase in NFT volume compared to Ethereum’s modest 2x rise. Its NFT ecosystem, while promising, faces stiff competition from Solana and Bitcoin, which have captured market share in this segment of on-chain activity.

image 103

Ethereum’s Future: Navigating Challenges with Optimism

Despite these challenges, Ethereum’s future remains promising. Boasting the industry’s deepest network effects, Ethereum leads in decentralized applications, developers, and revenue. The platform is actively pursuing a modular development approach, with Layer 2 scaling solutions expected to become 10-100 times cheaper through EIP-4844 in the coming year. This may attract new users to Ethereum’s growing Layer 2 ecosystem, potentially propelling it back into the spotlight in 2024.

In a landscape dominated by competition among smart contract platforms, Ethereum faces challenges from low-cost “monolithic” blockchains like Solana. However, Ethereum’s credible decentralization and ongoing development efforts may prove advantageous in the long run. However, diversified exposure to the smart contract platforms in the crypto sector may offer investors a strategic advantage amid evolving market dynamics.

Related Reading | Cardano Nears Bullish Breakout, But $1 Resistance Remains Prominent

Crypto’s Resurgence: 2023 In Review & Optimistic Outlook For 2024

by

In 2023, the crypto market witnessed a resurgence, marking a clear departure from the challenges faced in the previous year. IntoTheBlock’s latest Perspective report delves into the essential trends that shaped the crypto space throughout the year.

The year’s standout performers include Bitcoin, Ethereum, Solana, AVAX, and LINK. Bitcoin, driven by an optimistic global liquidity outlook, the collapse of regional banks, the Blackrock ETF application, and the likelihood of its approval, experienced a remarkable 160% appreciation. 

image 86 3

Despite a major upgrade and growing adoption metrics, Ethereum grew its market cap by 85%, while Solana, after a dismal 2022, staged an impressive comeback with a staggering 740% price surge in 2023. AVAX and LINK also posted significant gains, benefitting from strategic partnerships and the release of new products.

Crypto Hodler Dynamics: Patterns In Bull Market Accumulation

A crucial observation from IntoTheBlock’s analysis indicates that crypto is still in the early to middle stages of a bull market. Historically, long-term investors, known as “Hodlers,” aggressively accumulate Bitcoin during bear markets. 

This accumulation persists, albeit slower, as prices recover in the early stages of the bull market. After Bitcoin surpassed its all-time high, Hodlers begin to take profits, attracting new market entrants. The trend in the last two crypto cycles suggests a promising outlook for the current cycle.

Surprisingly, Hodler’s accumulation is not exclusive to Bitcoin. Ethereum has surpassed Bitcoin in terms of the percentage held by addresses over one year. As of December, over 70% of ETH is held by Hodlers, including smart contracts. Notably, the staking contract of the Beacon chain has the largest share, with 23% of ETH.

image 86 4

Improving fundamentals further fuel the sustained rally in the crypto space. Bitcoin and Ethereum fees have surged, with Bitcoin reaching new highs driven by inscriptions. Ordinals, introduced in January 2023, played a significant role in boosting Bitcoin fees. On the other hand, Ethereum experienced a boom in Layer 2 adoption, with optimistic rollups surpassing the number of transactions on the mainnet.

image 86 5

Heading into 2024, Ethereum is poised for the Dencun upgrade in late Q1/early Q2, which is expected to reduce Layer 2 fees significantly. The overall outlook for crypto in 2023 has been positive, with both investment and fundamental perspectives showing robust growth. However, 2024 is anticipated to be another favorable year, supported by Hodlers’ accumulation and upcoming catalysts such as spot ETFs.

Related Reading | Ripple CLO Exposes SEC’s Failed Bullying Tactics In XRP Lawsuit

Polkadot (DOT) Sets New Record For Daily Transactions, Surpassing 1 Million

by

In an unprecedented development for the Polkadot (DOT) protocol, daily transaction counts have skyrocketed to an all-time high (ATH), exceeding the 1,000,000 mark, according to on-chain data. This milestone represents a historic peak for the layer-1 blockchain network.

Prior to this significant surge, Polkadot’s previous record for daily transactions stood at 941,000 on May 5, 2021. Unlike the organic growth witnessed in the earlier spike, the current surge is notably attributed to the introduction of Ordinal Inscriptions.

The trend of Ordinal Inscriptions began this year on the Bitcoin (BTC) blockchain, offering a framework for creating digital collections registered on the smallest units of the blockchain. 

This innovation has not only led to a substantial increase in transaction counts but has also boosted miner revenue for Bitcoin. Recognizing the significance of these Ordinals, they have rapidly spread to other prominent layer-1 blockchains, including Litecoin (LTC).

Polkadot Leads The Charge

Ordinal Inscriptions have emerged as a central theme in the Web3.0 ecosystem, exerting a profound influence on sentiments across diverse protocols. Notably, Polkadot spearheads this transformative trend, with other blockchains like Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium following suit and witnessing the ripple effects of this innovative development.

Ordinal Inscriptions have become a focal point in the Web3.0 ecosystem, influencing sentiment on various protocols beyond Polkadot. Blockchains such as Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium are currently experiencing the impact of this novel development.

The surge in Polkadot’s total transaction count has contributed to an 8.96% increase in the coin’s price over the past 24 hours, reaching $7.54. Consequently, DOT has successfully recovered from losses incurred in the previous week, achieving a 3.13% gain during this period.

With the influence of Ordinal Inscriptions, DOT may aim to retest the $8 price threshold. If successful, this accomplishment would not only represent the highest level for the year but also mark the most significant milestone since mid-August 2022. 

The potential for achieving this feat is further heightened when considering other noteworthy innovations taking place on the Polkadot network.

Avalanche C-Chain Gas Spends $20M in Inscription Frenzy

by

In a dynamic and eventful week for the Avalanche ecosystem, the expenditure on C-Chain Gas has notched an impressive milestone, surpassing the remarkable figure of $20 million. This surge can be attributed predominantly to an overwhelming surge in inscription activity. According to data from Snowtrace, inscription-related transactions have played a significant role, constituting a substantial 72.3% of the overall gas consumption on the C-Chain.

Concurrently, these inscription-related transactions have also formed a formidable majority, accounting for 86.5% of all transactions within the same time frame. The frenzy reached its zenith when the co-founders of Trade Joe revealed a monumental event centered around BEEG inscription minting. The effects were immediate and profound, as gas fees skyrocketed, breaking past the 5,000 nAVAX mark [equivalent to $4.5]. This surge underscored the palpable and intense demand for active participation in this groundbreaking initiative.

The unprecedented spike in gas expenditure underscores the growing popularity of inscription-related activities on the Avalanche C-Chain, with enthusiasts eagerly participating in the latest trends within the decentralized finance [DeFi] space.

For those unfamiliar with the intricacies of the Avalanche ecosystem, the C-chain, or contract chain, operates as a distinct blockchain within the broader Avalanche network. Specifically curated to execute smart contracts compatible with the Ethereum Virtual Machine [EVM], the C-Chain is a pivotal component of the Avax network.

Meanwhile, Avalanche has been on a trajectory of success in recent weeks, having surpassed Dogecoin [DOGE] to secure the ninth position on CoinMarketCap’s leaderboard of the top 100 cryptocurrencies. Impressively, the current market value of Avalanche stands at $14.4 billion, eclipsing Dogecoin’s market cap of $13 billion.

Avalanche Takes A Breather

AVAX, the native cryptocurrency of the Avalanche network, has emerged as a frontrunner in the broader cryptocurrency landscape, outpacing Bitcoin with an extraordinary yearly return exceeding 200%, as indicated by data from IntoTheBlock.

However, this triumphant streak experienced a pause, with the price recording a swift retracement following a remarkable 424% gain in recent months. Despite a commendable 11% increase in the weekly index, AVAX witnessed a 9% decline in value within the last 24 hours, highlighting the inherent volatility in the cryptocurrency market.